As a small business owner, health insurance can be a difficult decision. Is it better to find your own self-employment health insurance, or should you provide health insurance for your employees through a group plan? Each method has its own ups and downs, and each business will have a different perspective toward health insurance.
Generally, individual insurance plans are more expensive for the plan subscriber. If you don't belong to a larger group that offers insurance options, it can cost you quite a bit more to keep yourself and your family insured. Individual insurance coverage does give you the option to choose your own provider, though, and many people find that the freedom of choice is worth paying extra for.
Group insurance plans tend to cost less out of pocket. One of the largest benefits of using a group plan for small business owner health insurance is that employees feel well taken care of and appreciated. You will need to do a lot more research when you consider a group plan, however. There are state and federal laws and regulations that must be followed by your company and the insurance company you hire. On the up side, though, there are also quite a few tax benefits offered to small business owners who provide health insurance for their employees.
The bottom line is that small business owner health insurance decisions really depend upon the individual situation of each business. Take a good, honest look at your staff and their medical histories, and also consider how they would react to the idea of paying a health insurance premium each month. In some cases it may be best to let everyone find their own insurance. In other cases, a group insurance policy may make employees feel like they are truly appreciated.
